To receive NJ Ignite funding, a collaborative workspace must:
- Be located in New Jersey.
- Possess a Division of Taxation Tax Clearance Certificate and a NJ Business Registration Certificate.
- Have a minimum of five unique paying tenants over the last two years.
- Provide proof of a verifiable operating cost.
- Offer private office space, hot-desks, or dedicated desks.
- Commit to hosting at least eight innovation ecosystem building events in a year.
- Charge market-rate rent to tenants.
- Commit to matching the NJEDA’s grant funding on a 1:2 basis.
Workspaces formed less than 90 days prior to the approval request may qualify for Ignite if they have at least three signed prospective lease agreements.
To participate in the program, startup company tenants must locate in an approved collaborative workspace and:
- Be registered to do business in New Jersey.
- Provide a two-page executive summary of their business.
- Be an early-stage business in a qualified industry.
- Have fewer than ten employees.
- Have less than $1 million in trailing 12-months gross sales from date of application submission.
- Have at least one full-time, New Jersey-based employee that will be working in approved collaborative workspace.
- Have no history of leased space at another collaborative workspace in New Jersey.
- Commit to working at the collaborative workspace for at least double the term covered by the NJEDA grant.